Metagenomi, Inc. (NASDAQ:MGX) Short Interest Down 18.9% in May

Metagenomi, Inc. (NASDAQ:MGX - Get Free Report) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 2,400,000 shares, a drop of 18.9% from the April 30th total of 2,960,000 shares. Approximately 11.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 370,900 shares, the short-interest ratio is currently 6.5 days.

Metagenomi Stock Down 4.0%

Metagenomi stock traded down $0.07 during mid-day trading on Wednesday, hitting $1.70. The company's stock had a trading volume of 357,119 shares, compared to its average volume of 790,985. The stock has a market capitalization of $63.55 million, a P/E ratio of -0.81 and a beta of -0.33. Metagenomi has a twelve month low of $1.23 and a twelve month high of $6.90. The stock's fifty day moving average price is $1.57 and its two-hundred day moving average price is $2.24.

Metagenomi (NASDAQ:MGX - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.62) by ($0.06). Metagenomi had a negative return on equity of 43.23% and a negative net margin of 134.27%. The company had revenue of $4.13 million during the quarter, compared to analyst estimates of $8.75 million. Equities analysts expect that Metagenomi will post -2.46 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. HC Wainwright dropped their target price on Metagenomi from $14.00 to $7.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. Chardan Capital lowered their price target on Metagenomi from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Wall Street Zen lowered Metagenomi from a "hold" rating to a "strong sell" rating in a report on Thursday, May 22nd. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $16.00 target price (down previously from $20.00) on shares of Metagenomi in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $13.00.

Hedge Funds Weigh In On Metagenomi

A number of institutional investors have recently bought and sold shares of MGX. Rhumbline Advisers boosted its holdings in shares of Metagenomi by 123.3% in the fourth quarter. Rhumbline Advisers now owns 11,998 shares of the company's stock worth $43,000 after buying an additional 6,626 shares during the period. Corebridge Financial Inc. lifted its position in shares of Metagenomi by 303.1% in the 4th quarter. Corebridge Financial Inc. now owns 13,602 shares of the company's stock valued at $49,000 after acquiring an additional 10,228 shares in the last quarter. Voya Investment Management LLC acquired a new position in Metagenomi in the 4th quarter worth approximately $37,000. Price T Rowe Associates Inc. MD purchased a new position in Metagenomi during the 4th quarter worth approximately $39,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Metagenomi by 338.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,193 shares of the company's stock valued at $55,000 after purchasing an additional 11,730 shares during the period.

Metagenomi Company Profile

Metagenomi, Inc, a genetic medicines company, develops therapeutics for patients using metagenomics-derived genome editing toolbox in the United States. The company's genome editing toolbox includes programmable nucleases, base editors, and RNA and DNA-mediated integration systems, such as prime editing systems and clustered regularly interspaced short palindromic repeat-associated transposases.